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It's the PTIN Directory you want to opt out of. Numerous sites download that data and make local lists of tax pros. I signed up to have Google search for and alert me about my personal info on the web, then give me the opportunity to have it removed. https://myactivity.google.com/results-about-you

great. I'm definitely connected to the internet, re-booted, no change, and same for ATX 2023. I guess it's a sign I'm done for the day.

It might make more sense for him to contact some of the other flea market participants and sell his inventory for 20 or 30 cents on the dollar which would generate a useable NOL assuming he is a sole propprietor.

In the back of my mind, I am remembering that farmers can defer reporting sales of livestock during a drought until the following year. Have you looked into that as well?

Do you really want to face trying to respond to a letter in the summer of 2026? When all you need do now is file? And who knows how many computers will need to be pacified before you can talk to a person? Do it the hard way, and make it easy on yourself and your client.

Sell to a costume company, theater, that kind of thing.

I was wondering about the stepup in basis at husband's death in 2025 when it was originally a joint property that was placed entirely in her trust in 2024 before he passed. Does her trust get a stepup, or does it stay at the amount contributed, or does it depend on the type of trust? Sorry, I was also confused by the shifting dates and wording. Maybe we all should take the night off.

Yep, been there, done that, too.

A trust does not pass through charitable contributions. The donations must be authorized by the trust instrument. The donation must be made from the trust’s gross taxable income, or traceable to gross taxable income. Therefore, if the stock was purchased with trust income it is deductible by the trust. If the stock was contributed to the trust, it is not deductible since it came out of corpus.

And the wrinkle grows larger. For 2024 the condo was placed in service for rent since mid-January 2024, husband passed early January 2025 so not sure what the trust says when one dies. I have pretty good value for depreciation from the auditor's website. Wife will likely pass away within weeks, in hospice care. I don't know who gets it then but am thinking that's a 2025 issue and, in any case, does not affect the depreciable value for the rental activity. Basis changes only come into play with his and her final 1040 for 2025 as both are expected to be deceased and likely all ends up in some trust or other. I don't know who will be managing the trust return(s) after wife passes, probably the high priced attorney as the daughters will likely not choose me - and that's okay with me!

Yes, Sch E. Also looks like she gets a stepped up basis on the inherited half of the condo.

There are two special rules, that one if for the replacement of breeding stock sold on account of drought under sec 1033. If they are not replaced under the prescribed period, then the original return must be amended. The second special rule falls under sect 451. That allows for a one year deferral of livestock that normally would not be sold until the follow year due to a federally declared drought.

Just thought I would post this for anyone that uses Proseries or other Intuit products. Scam alert for a 'security update'. They want you to 'install a plug-in'. Heads up!

Oh, I block them and delete them. But the spammers keep changing emails, so blocking probably does no good. It also doesn't take me much time, so I block &/or report them every time before I delete.

I am filing for six minor Grandchildren who were given LT stock sales by their Grandfather. He knows that I am filing the returns and he is going to pay. They get talked into this kind of thing and think they are saving money. Well, I won't do his return if he didn't agree to these Kiddie returns as well. He did some research and agreed that I was correct.

It's better to report the email as spam so any future emails to you will be blocked and reporting the email as spam will help Gmail or Outlook etc block the sending email address.

Sometimes the insurance company will use 2024 and automatically renew 2025. Make sure to tell them to check to make sure son isn't on 2025 policy.

If son (or parents) are lower income, he might not have much/any payback and can take a higher %. Try a couple different ratios to see what is best for both branches of the family as a whole. If not 0%/100%, then 1%/99% or 50%/50% or...

The gift is a reduction of the fmv sale price. Show it as an adjustment on column f of 8949 and use code O.

You can't elect other income. However, it may be an advantage to not elect the full amount of 2024 farm income. What it does it take the elected amount, divide by 3 and then recalculate what the 2021, 22, and 23 tax would have been with that extra 1/3 added on to taxable income for those years. For example, say the prior 3 years taxable income was in 12% marginal rate. 2024 alone has 60K in 22% rate. That would likely be the optimal to elect. If wouldn't do you any good to shift more to prior years as that may put some or more in 22% rate in the recalculation while not taking full advantage of 2024 12% marginal rate. The calculation would then be 2024 at 12% marginal and as long as there is 20K per year in prior years room before 22% is hit, essentially all the 2024 income is taxed at 12%

There is a very well-known phenomenon where an obvious solution hides - very cleverly and thoroughly - until one gives up an asks here on the forum. At which point it jumps out just as a colleague reports that hiding place/location. I think we have all been bitten over the years! Heck, I've used this to my own advantage by posting a query in the hopes of flushing out my prey.

You log in to your preparer account at the IRS and there is an opt-out checkbox somewhere. I forget the details, though.

Unless such a notice comes directly through the software itself while it is actively in use, tread carefully!

When the amounts are this small, I tell the client to run any IRS letter by me first, to make sure it's correct. Then I can confirm for them to pay the additional tax requested. Way easier than amending, and the letters only come through about half the time. According to Eric Green (TaxRepNetwork; he has lots of contacts in the agency) they are concentrating enforcement in areas where they get a bigger bang for their effort-buck. The folks who owe $600, not $6. The non-filers with W2s in the 100's of thousands, not 24k.

Here a link to the actual article BrewOne refers to: https://www.taxnotes.com/featured-news/tax-pros-welcome-clarity-scam-theft-loss/2025/03/14/7rnbr

I agree with Judy--the filing requirement is not met, but weighing the benefits of filing versus having to respond to an IRS letter...better to file.

Did you complete a IT 360.1? Also, be sure on page one of IT-201, question E & F correctly with days and months.